Union Pacific Corporation
- Open
- 285.04
- Day high
- 288.90
- Day low
- 285.00
- Prev close
- 285.04
- Volume
- 1.9M
- Mkt cap
- $170.4B
- P/E (TTM)
- 23.6
- EPS (TTM)
- $12.17
- P/B
- 8.8
- P/S
- 6.9
- Yield
- 0.96%
- Per share
- $2.76
- ▼Insiders net selling -$4.6M over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions mixed (13F)
Union Pacific Corporation (UNP) is a Industrials company listed on NYSE. The stock is up 20% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4). Drillr has 3 published research articles covering UNP.
Union Pacific Corporation (UNP) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 11 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
UNP earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $2.86 | $2.93 | +2.4% | $6.2B | -0.2% |
| Jan 27, 2026 | $2.86 | $2.86 | +0.0% | $6.1B | -0.4% |
| Oct 23, 2025 | $2.99 | $3.08 | +3.0% | $6.2B | -0.1% |
| Jul 24, 2025 | $2.91 | $3.03 | +4.1% | $6.2B | -0.2% |
| Apr 24, 2025 | $2.74 | $2.70 | -1.5% | $6.0B | -0.6% |
| Jan 23, 2025 | $2.76 | $2.91 | +5.4% | $6.1B | -0.4% |
| Oct 24, 2024 | $2.78 | $2.75 | -1.1% | $6.1B | -0.8% |
| Jul 25, 2024 | $2.71 | $2.74 | +1.1% | $6.0B | -0.8% |
| Apr 25, 2024 | $2.51 | $2.69 | +7.2% | $6.0B | +1.0% |
| Jan 25, 2024 | $2.57 | $2.71 | +5.4% | $6.2B | +1.8% |
| Oct 19, 2023 | $2.44 | $2.51 | +2.9% | $5.9B | -0.8% |
| Jul 26, 2023 | $2.75 | $2.57 | -6.5% | $6.0B | -2.6% |
UNP insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Simons Doyledirector | Grant | 305 | — |
| Jul 2, 2026 | Will W Anthonydirector | Grant | 159 | — |
| Jul 2, 2026 | Lute Jane Hdirector | Grant | 362 | — |
| Jul 2, 2026 | Tien John K Jrdirector | Grant | 166 | — |
| Jul 2, 2026 | WILLIAMS CHRISTOPHER Jdirector | Grant | 189 | — |
| Jul 2, 2026 | MCCARTHY MICHAEL Rdirector | Grant | 808 | — |
| Jul 2, 2026 | HOPKINS DEBORAH Cdirector | Grant | 221 | — |
| Jul 2, 2026 | Finley Teresadirector | Grant | 174 | — |
| Jul 2, 2026 | Edison Sheri H.director | Grant | 175 | — |
| Jul 2, 2026 | WIEHOFF JOHNdirector | Grant | 167 | — |
| Jun 11, 2026 | Powers Carrie Jofficer: VP & CONTROLLER | Grant | 6 | $267.03 |
| Jun 11, 2026 | Conlin Christina Bofficer: EVP CHIEF LEGAL OFFICER & CORP | Grant | 7 | $267.03 |
| Jun 11, 2026 | Rocker Kenyatta Gofficer: EVP MARKETING & SALES | Grant | 13 | $267.03 |
| Jun 11, 2026 | Rocker Kenyatta Gofficer: EVP MARKETING & SALES | Grant | 3 | $267.03 |
| Jun 11, 2026 | Jalali Rahulofficer: EVP & CHIEF INFORMATION OFFICE | Grant | 9 | $267.03 |
Source: UNP SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full UNP insider & 13F page →UNP research & analysis
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Union Pacific Corporation company profile
Overview
Union Pacific Corporation (NYSE:UNP) is one of America's largest freight railroad companies, founded in 1862 as part of the first transcontinental railroad project. Headquartered in Omaha, Nebraska, the company operates through its primary subsidiary, Union Pacific Railroad Company, which maintains a vast rail network spanning 32,452 route miles across 23 states in the western two-thirds of the United States. The railroad connects major Pacific Coast and Gulf Coast ports with Midwest and Eastern gateways, serving as a critical transportation link for American commerce. Union Pacific has evolved from its historic role in westward expansion to become a modern freight transportation giant, handling diverse cargo ranging from agricultural products to manufactured goods.
Business
Union Pacific operates in the freight railroad industry, providing essential transportation services for bulk commodities, manufactured goods, and intermodal containers across the American West and Midwest. The railroad industry serves as the backbone of the U.S. economy, moving approximately 40% of the nation's long-distance freight tonnage. Railroads are particularly efficient for transporting heavy, bulk commodities over long distances, offering cost and environmental advantages over trucking. The company organizes its operations into three primary business segments: 1. Bulk Segment (approximately 35-40% of revenue): This segment transports coal for power generation, grain and grain products for food production and export, fertilizers for agriculture, and renewable fuels like ethanol and renewable diesel. Coal has historically been a major component but has declined significantly due to the shift toward cleaner energy sources. Agricultural products, particularly grain exports to Mexico and other international markets, represent a growing portion of this segment. 2. Industrial Segment (approximately 30-35% of revenue): This segment handles a diverse array of manufactured and processed goods including construction materials, industrial chemicals, plastics, forest products, metals and ores, petroleum products, and specialized commodities like soda ash. This segment serves various industries from construction to petrochemicals, making it sensitive to broader economic cycles. 3. Premium Segment (approximately 25-30% of revenue): This segment primarily consists of intermodal transportation, where goods are shipped in containers that can be transferred between trains, trucks, and ships. It also includes finished automobiles and automotive parts. Intermodal service competes directly with long-haul trucking and has shown strong growth, particularly in international trade routes and domestic freight conversion from highways to rail. Union Pacific's network design creates natural advantages for east-west freight movement, connecting major population centers with ports and agricultural regions. The company's routes are particularly well-positioned to handle trade between the U.S. and Mexico, as well as goods flowing through West Coast ports to inland markets.
Revenue model
Union Pacific generates revenue primarily through freight transportation services, charging customers based on the weight, distance, and type of cargo transported. The company operates under a product sales business model where it sells transportation capacity and logistics services to shippers. Revenue is typically structured through long-term contracts with annual price escalations, spot market transactions, and fuel surcharge adjustments that help offset diesel cost fluctuations. The company's paying customers span multiple industries including agricultural producers and processors, energy companies, manufacturers, retailers, and logistics providers. Major customer categories include grain elevators and food processors, coal-fired power plants, chemical manufacturers, automotive companies, and intermodal transportation companies that serve retail supply chains. Union Pacific's profitability is influenced by several key factors that can expand or contract margins: Margin-enhancing factors include pricing power during periods of strong demand, operational efficiency improvements through technology and process optimization, higher-margin freight mix shifts toward premium services, volume growth that spreads fixed costs over more units, and fuel cost management through surcharge mechanisms. The company's focus on precision scheduled railroading has enabled significant productivity gains by optimizing train lengths, reducing terminal dwell times, and improving asset utilization. Margin-pressuring factors include labor cost inflation (railroad workers are unionized with periodic contract negotiations), fuel price volatility, regulatory compliance costs, infrastructure maintenance requirements, and competitive pressure from trucking companies. Economic downturns typically reduce shipping volumes while fixed costs remain largely unchanged. The decline in coal transportation has been particularly challenging, as coal historically provided high-margin, long-distance hauls that helped absorb network fixed costs. The company's recent financial performance shows revenue around $24 billion annually with operating ratios (operating expenses as a percentage of revenue) in the low 60% range, indicating strong operational efficiency relative to industry standards. Union Pacific has demonstrated consistent pricing discipline, regularly achieving price increases that exceed inflation rates.
Competitive moat
Union Pacific possesses a strong economic moat built primarily on its irreplaceable physical infrastructure and network effects. The company's rail network represents billions of dollars in sunk costs accumulated over more than 160 years, creating formidable barriers to entry. Building competing rail infrastructure would require massive capital investment, decades of construction, and extensive regulatory approvals that make new competition virtually impossible. The railroad's network effects provide additional competitive advantages. As the only major railroad serving certain geographic corridors, Union Pacific enjoys natural monopoly characteristics in many markets. Shippers located along Union Pacific's routes have limited alternatives for long-distance freight movement, particularly for bulk commodities that are uneconomical to transport by truck. The company's connections to major ports, agricultural regions, and industrial centers create switching costs for customers who would need to relocate facilities or accept less efficient transportation options to use competitors. Union Pacific's regulatory protection also strengthens its moat. The railroad industry operates under federal oversight that limits competition and provides some protection against disruptive entry. Interstate railroad construction requires federal approval, and the existing rail network is largely viewed as critical infrastructure that receives some government support. However, the moat faces several challenges. Trucking competition remains significant for shorter-haul and time-sensitive freight, with trucks offering greater flexibility and door-to-door service. The intermodal business directly competes with long-haul trucking, and improvements in truck efficiency or autonomous driving technology could threaten rail market share. Additionally, modal competition from pipelines affects certain commodity movements, and some customers have developed alternative supply chains that reduce railroad dependence. The company's moat strength varies by business segment, with bulk commodities enjoying the strongest competitive position due to railroads' cost advantages for heavy, long-distance shipments, while premium intermodal services face more direct competition from trucking companies.
Risks & safety
Union Pacific demonstrates a moderate to strong margin of safety with solid financial fundamentals but elevated leverage typical of capital-intensive railroad operations. • Liquidity and Solvency: Current ratio of 0.77 indicates tight short-term liquidity, though this is typical for railroads with predictable cash flows. Cash position of $1.4 billion provides adequate buffer. Debt-to-equity ratio of 2.11 reflects significant leverage but remains manageable given stable cash generation. • Cash Generation: Strong free cash flow of $1.3 billion quarterly and $5.9 billion annually demonstrates robust cash generation capability. Operating cash flow of $9.3 billion annually provides substantial coverage of capital requirements and debt service. • Valuation Metrics: Trading at 21.8x forward P/E and 14.3x EV/EBITDA, representing reasonable valuations for a quality infrastructure asset. Price-to-book ratio of 8.9x reflects the premium for irreplaceable assets but suggests limited downside protection. • Other Considerations: Consistent dividend payments and share repurchases indicate management confidence. However, cyclical nature of freight demand and ongoing coal volume declines present operational risks. Labor contract negotiations and regulatory changes could impact margins.
Recent development
Over the past few years, Union Pacific has undergone significant strategic transformation focused on operational excellence and market adaptation. The company has implemented precision scheduled railroading principles, achieving substantial productivity improvements including 12% workforce productivity gains, 5% locomotive productivity increases, and 6% improvements in freight car velocity. These operational enhancements have driven the operating ratio from over 63% to approximately 60%, representing meaningful margin expansion. The company has strategically repositioned its business mix in response to the coal market decline, which has seen volumes drop over 20% as utilities shift to natural gas and renewable energy. To offset this headwind, Union Pacific has aggressively pursued growth in higher-value segments including renewable diesel transportation, petrochemicals, and international intermodal services. The Premium segment has shown particularly strong performance with volume increases of 13-14% in recent quarters. Mexico market development has emerged as a key strategic priority, with Union Pacific leveraging its ownership stake in Ferrocarril Mexicano (FXE) to capture near-shoring opportunities. The company has invested in new terminal facilities in Phoenix and Minneapolis to support growing cross-border trade and domestic intermodal conversion from trucking. Technology investments have been substantial, including a $1 billion locomotive modernization program with Wabtec and advanced planning systems that enable more flexible resource allocation. The company has also successfully integrated major intermodal customer acquisitions, including Knight-Swift and Schneider transportation volumes. Recent earnings calls indicate management's focus on maintaining pricing discipline while adapting to potential trade policy changes and economic uncertainties. The company has demonstrated agility in adjusting operations to handle volume fluctuations while preserving service quality and operational efficiency gains.
UNP company profile · for informational purposes only — not investment advice.
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